M&T Bank (NYSE:MTB) Earns Market Perform Rating from Keefe, Bruyette & Woods

Keefe, Bruyette & Woods restated their market perform rating on shares of M&T Bank (NYSE:MTB) in a research note issued to investors on Thursday morning, Benzinga reports. The firm currently has a $170.00 price objective on the financial services provider’s stock.

Several other analysts have also recently weighed in on the stock. Wedbush restated an outperform rating and set a $170.00 price objective on shares of M&T Bank in a research report on Wednesday, April 10th. Piper Sandler restated an overweight rating and set a $164.00 price objective on shares of M&T Bank in a research report on Friday, June 21st. StockNews.com cut shares of M&T Bank from a hold rating to a sell rating in a research report on Friday, May 3rd. JPMorgan Chase & Co. raised their price objective on shares of M&T Bank from $170.00 to $180.00 and gave the company a neutral rating in a research report on Tuesday, April 16th. Finally, Wells Fargo & Company raised their price objective on shares of M&T Bank from $145.00 to $150.00 and gave the company an equal weight rating in a research report on Tuesday, April 16th. One research analyst has rated the stock with a sell rating, nine have given a hold rating and five have issued a buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of Hold and a consensus price target of $161.51.

M&T Bank Stock Performance

NYSE MTB opened at $151.36 on Thursday. M&T Bank has a 1 year low of $108.53 and a 1 year high of $156.65. The company has a debt-to-equity ratio of 0.46, a current ratio of 1.00 and a quick ratio of 1.00. The stock has a market capitalization of $25.25 billion, a PE ratio of 10.23, a P/E/G ratio of 2.90 and a beta of 0.78. The company’s 50 day simple moving average is $148.32 and its two-hundred day simple moving average is $142.00.

M&T Bank (NYSE:MTB) last posted its earnings results on Monday, April 15th. The financial services provider reported $3.02 earnings per share (EPS) for the quarter, missing the consensus estimate of $3.13 by ($0.11). M&T Bank had a return on equity of 10.68% and a net margin of 19.52%. The firm had revenue of $2.26 billion during the quarter, compared to analysts’ expectations of $2.26 billion. During the same quarter in the prior year, the company earned $4.09 earnings per share. Analysts predict that M&T Bank will post 13.99 earnings per share for the current fiscal year.

M&T Bank Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, June 28th. Shareholders of record on Monday, June 3rd were issued a $1.35 dividend. This represents a $5.40 dividend on an annualized basis and a yield of 3.57%. The ex-dividend date was Monday, June 3rd. This is a positive change from M&T Bank’s previous quarterly dividend of $1.30. M&T Bank’s dividend payout ratio (DPR) is 36.51%.

Insiders Place Their Bets

In other M&T Bank news, EVP Christopher E. Kay sold 1,821 shares of the firm’s stock in a transaction on Friday, May 10th. The shares were sold at an average price of $153.78, for a total value of $280,033.38. Following the sale, the executive vice president now owns 8,579 shares of the company’s stock, valued at approximately $1,319,278.62. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other news, Director John P. Barnes sold 43,426 shares of the firm’s stock in a transaction dated Tuesday, May 14th. The shares were sold at an average price of $154.50, for a total value of $6,709,317.00. Following the completion of the sale, the director now directly owns 35,480 shares of the company’s stock, valued at approximately $5,481,660. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, EVP Christopher E. Kay sold 1,821 shares of the firm’s stock in a transaction dated Friday, May 10th. The stock was sold at an average price of $153.78, for a total transaction of $280,033.38. Following the completion of the sale, the executive vice president now directly owns 8,579 shares of the company’s stock, valued at $1,319,278.62. The disclosure for this sale can be found here. Insiders have sold a total of 97,553 shares of company stock valued at $14,724,147 in the last quarter. Insiders own 0.82% of the company’s stock.

Institutional Investors Weigh In On M&T Bank

Institutional investors and hedge funds have recently modified their holdings of the stock. Norges Bank purchased a new position in M&T Bank during the 4th quarter valued at about $232,322,000. Smead Capital Management Inc. purchased a new position in M&T Bank during the 4th quarter valued at about $59,418,000. Los Angeles Capital Management LLC purchased a new position in M&T Bank during the 4th quarter valued at about $34,645,000. London Co. of Virginia lifted its position in M&T Bank by 23.2% during the 3rd quarter. London Co. of Virginia now owns 1,118,296 shares of the financial services provider’s stock valued at $141,409,000 after acquiring an additional 210,821 shares during the period. Finally, Bank of Nova Scotia lifted its position in M&T Bank by 1,155.9% during the 4th quarter. Bank of Nova Scotia now owns 205,392 shares of the financial services provider’s stock valued at $28,154,000 after acquiring an additional 189,038 shares during the period. 84.68% of the stock is owned by hedge funds and other institutional investors.

M&T Bank Company Profile

M&T Bank Corporation operates as a bank holding company for Manufacturers and Traders Trust Company and Wilmington Trust, National Association that engages in the provision of retail and commercial banking products and services in the United States. The company operates through three segments: Commercial Bank, Retail Bank, and Institutional Services and Wealth Management.